Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,731/mo
Lowest payment- Down payment
- $100,550
- Funds due
- $118,826
- Interest + MI left
- $778,011
- First ends
- Nov 2054
Assumption
Assumption + second
$4,956/mo
+$225/mo- Down payment
- $72,550
- Funds due
- $92,118
- Interest + MI left
- $831,117
- First ends
- Nov 2054
New loan
New conventional
$5,095/mo
+$364/mo- Down payment
- $72,550
- Funds due
- $86,252
- Interest + MI left
- $953,990
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $624,450 | $624,450 | $652,450 |
| Second mortgage | — | $28,000 | — |
| First P&I | $4,186.45 | $4,186.45 | $4,419.92 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $130.49 |
| Taxes, insurance & HOA | $544.17 | $544.17 | $544.17 |
| Total housing payment | $4,730.62 | $4,955.91 | $5,094.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,550
Closing costs & prepaids$19,567
Usable credit−$0
Total buyer cash needed$92,118
Earnest money paid−$0
Remaining funds due$92,118
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,122.25
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$870.00
Initial HOA (3 months)$112.50
Prepaid interest, first (6 days)$703.15
Prepaid interest, second (6 days)$41.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing27 yr 11 moOf the original 30-year loan at 6.85%
Interest already paid$90,211Through Dec 2026
Assumption only · ends Nov 2054$778,011
Assumption + second · ends Nov 2054, second Jan 2057$831,117
New conventional · ends Jan 2057$953,990